Primoris Services Corporation (NASDAQ GS: PRIM)
(“Primoris” or “Company”) today announced financial results for its fourth quarter and year ended December 31, 2011.
The Company also announced that on February 24, 2012, its Board of Directors declared a $0.03 per share cash dividend to stockholders of record as of March 30, 2012, payable on or about April 16, 2012.
Brian Pratt, Chairman, President and Chief Executive Officer of Primoris, commented, “We completed a very good quarter and a great year. Full year revenues of $1.5 billion were a record for our Company, as we benefitted from both organic growth and the favorable impact of prior year acquisitions. Despite one-time charges of $9.4 million recorded in the fourth quarter, our net income for both the fourth quarter and year improved significantly. We generated cash flow from operations of $40.1 million during 2011, and our balance sheet at December 31, 2011 included $143.3 million in cash and short-term investments and a debt to equity ratio of 37.4%. During the year, we increased our backlog from $895.8 million to $1.16 billion, a 30% organic increase.”
Mr. Pratt concluded, “Primoris is a group of specialized construction and infrastructure companies serving diverse end markets across the United States. At present, we are focused on projects and opportunities in underground pipeline integrity, in conventional and alternative energy industrial facilities, in heavy highway and bridge construction, and in underground pipelines. We intend to continue our emphasis on maintaining a strong balance sheet and on building upon our 65-year legacy of service and project success. As we enter 2012, macro-economic uncertainties persist; however, we are confident that we can continue to execute against our plan and are optimistic about our future opportunities.”
2011 FOURTH QUARTER RESULTS OVERVIEW
Revenues for the 2011 fourth quarter rose 12% to $373.1 million from $333.2 million for the same period last year. The increase was primarily attributable to higher revenues at the West Construction Services segment, led by the California-based Underground group at which revenues increased by $66.3 million from the fourth quarter of 2010. Gross profit for the 2011 fourth quarter rose by 16.5% to $51.0 million, or 13.7% of revenues, from $43.8 million, or 13.1% of revenues, in the fourth quarter of 2010.